As old £1 coin deadline looms, here's what you need to know

From 23:59 on Sunday 15 October 2017, the old £1 coin will no longer be accepted by shops, restaurants and businesses.

The new 12-sided £1 was launched in March 2017 to replace the round pound, with both new and old coins in circulation since that date.

The Royal Mint said the old pound coin, first released in 1983, needs to be replaced as around one in every 30 coins in circulation is counterfeit. It says the new £1 contains is more difficult to forge as it is made from two metals and includes safety features such as a hologram-like latent image.

While the deadline is days away, the Royal Mint estimates there are still around 500 million old pound coins still in circulation.

Adam Lawrence, CEO and deputy master of the Royal Mint, says: ‘The round pound has been in circulation for over thirty years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them.

‘After the 15 October, the 12-sided £1 coin will be the only £1 coin being spent in the UK. As the deadline is triggered, we are proud that the security features on the 12-sided £1 coin will help to safeguard our currency for years to come.’

What can I do with old £1 coins?

You can still spend, deposit or donate old £1 coins until 23:59 on Sunday 15 October 2017 as normal. After that date the coins will no longer be legal tender.

While the Bank of England will swap old banknotes ‘for all time’, the Royal Mint is unable to exchange any old coins.

Although they are not legally obliged to do so, major high street banks and the Post Office will still accept them from customers after the cut-off date.

The banks that will accept the coins include the Bank of Scotland, Barclays, Clydesdale Bank, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, RBS, Santander, Ulster Bank and Yorkshire Bank.

However, customers with large amounts of old pound coins are advised to deposit them before the deadline.

Retailer Poundland says it will also accept the old coins in all of its UK stores up until Tuesday 31 October 2017.

If a shop gives me an old £1 coin, can I ask for a new one?

No one is obliged to accept a coin or note at any time - so you’re well within your rights to ask for a new £1 coin. There are still 500 million old coins in circulation so keep an eye on your change between now and Sunday. 

This is article was originally written by our sister publication Moneywise.

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